Livestock Improvement Company (LIC) has recorded a 6% rise in revenue while registering a 24% drop in profit, as the farmer-owned cooperative reinvests in research and development.

LIC’s revenue to the year to May 31 was $211 million, up from $199 million the year before, with net profit after tax reduced from $23.6 million to $18.0 million. 

Dividend for LIC’s 11,000 dairy farmer-shareholders shrank 33%, from $16.75 million in 2012/13 to $11.17 million, as the cooperative invested more than $40 million in its information systems.